The British pound sterling maintains a strong hold on the bullish momentum with six consecutive weekly gains so far.
Price action is nearing the April 2008 highs of 1.4376. The strong uptrend could be further cemented if the cable breaks out sharply from the rising price channel.
The immediate support to the downside is near the 1.3951 level at the moment. However, with the current pace of gains, we expect prices to continue rising above the 1.4000 level.
On the daily chart as well, price action remains biased to the upside following the strong bullish reversal pattern on Thursday last week.
